PDFBuy Digital Copy — $5.00 Arrangement of Sections Section Short title§ 1 Interpretation§ 2 Application of Part VI and VII§ 2A Establishment of Financial Intelligence Authority§ 3 Functions of the Authority§ 4 Powers of the Authority§ 5 Appointment and qualifications of Director General§ 6 Recruitment process for Director General§ 7 Vacation from office of Director General§ 8 Appointment of Deputy Director General and other staff of the Authority§ 9 Disclosure of information§ 10 Immunity of the Authority and officials§ 11 Funds of the Authority§ 12 Annual budget§ 13 Accounts and audit§ 14 Annual or other reports§ 15 Verification of customers’ identity§ 16 Reliance on intermediaries or third parties§ 17 Insurance companies to identify and verify beneficiaries§ 18 Customer’s failure to produce evidence of identity§ 19 Maintenance of accounts in true name§ 20 Risk-based approach§ 21 Establishment and maintenance of customers’ records§ 22 Reporting suspicious transactions§ 23 Disclosure of suspicious transaction reports and other information§ 24 Protection of identity of persons and information in suspicious transaction reports§ 25 Protection of persons reporting suspicious transactions§ 26 Compliance officer and internal reporting procedures§ 27 Inclusion of originator information§ 28 Monitoring transactions and ongoing due diligence§ 29 Correspondent banking§ 30 Foreign branches, subsidiaries or head office§ 31 Secrecy obligations overridden§ 32 Other reports§ 33 Penalties and sanctions§ 34 Supervisory duties of the Authority§ 35 Duties of supervisory authorities§ 36 Supervisory authority or external auditor to report suspicious transactions§ 37 Duties of self-regulatory bodies§ 38 Self-regulatory bodies to report suspicious transactions to the Authority§ 39 Extra-territorial application§ 40 False or misleading statements§ 41 Money laundering§ 42 Terrorist financing§ 43 Other terrorist financing offences§ 44 General penalty for financial crimes§ 45 Financing of proliferation of weapons of mass destruction§ 46 Dealing in terrorist property§ 47 Confiscation and compensation on conviction§ 48 Confiscation order on conviction§ 49 Effects of confiscation order on conviction§ 50 Pecuniary penalty order on conviction§ 51 Procedure for enforcement of fines§ 52 Confiscation where a person dies or absconds§ 53 Civil proceedings§ 54 Seizure and detention of suspicious imports or exports of currency§ 55 Seizure of currency or bearer negotiable instruments§ 56 Detention and release of currency or bearer negotiable instruments seized§ 57 Seizure of terrorist cash§ 58 Power of the Authority to obtain search warrant§ 59 Property tracing, tracking and monitoring orders§ 60 Orders to enforce compliance with obligations under this Act§ 61 Powers of the Authority to issue restraining or asset freezing orders§ 62 Monitoring orders§ 63 Monitoring orders not to be disclosed§ 64 Preservation orders§ 65 Notice of preservation order to be given to persons with interest in the property§ 66 Duration of preservation orders§ 67 Seizure of property subject to preservation orders§ 68 Orders in respect of immovable property subject to preservation orders§ 69 Living expenses of a person with interest in property subject to preservation order§ 70 Variation or rescission of preservation order§ 71 Forfeiture of property subject to preservation order§ 72 Leave to serve notice out of time§ 73 Forfeiture orders§ 74 A person with an interest in property subject of forfeiture§ 75 Bona fide purchaser for sufficient consideration§ 76 Forfeiture order by default§ 77 Failure to serve notice of application for forfeiture§ 78 Status of orders pending appeal§ 79 Administrator to take possession of forfeited property§ 80 Disposal of forfeited property§ 81 Voidable transfers§ 82 Protection of third parties§ 83 Discharge of confiscation order on appeal and quashing of conviction§ 84 Payment in lieu of a confiscation order§ 85 Rules of determining benefit and assessing value§ 86 Statements relating to benefit from commission of an offence§ 87 Amount recovered under pecuniary penalty order§ 88 Variation of pecuniary penalty order§ 89 Lifting the corporate veil§ 90 Enforcement of pecuniary penalty order§ 91 Discharge of pecuniary penalty order§ 92 Powers to search for and seize tainted property§ 93 Search warrant in relation to tainted property§ 94 Search in emergencies§ 95 Record of property seized§ 96 Return of seized property§ 97 Restitution of restrained property§ 98 Appointment of an administrator§ 99 Realization of property§ 100 Application of proceeds of realization and other sums§ 101 Paramountcy of this Act in bankruptcy or winding-up§ 102 Functions of a liquidator, etc.§ 103 Production orders§ 104 Evidential value of information§ 105 Failure to comply with a production order§ 106 Application for restraining orders§ 107 Restraining orders§ 108 Undertaking by Government§ 109 Registration of restraining order affecting land§ 110 Contravention of restraining order§ 111 Duration of restraining order§ 112 Review of restraining order§ 113 Extension of restraining order§ 114 Powers of search for and seize documents relevant to locating property§ 115 Search warrant for locating documents for locating property§ 116 Search for and seizure of tainted property in relation to foreign offences§ 117 Search warrants in relation to foreign offences§ 118 Offences for extradition purposes§ 119 Mutual assistance§ 120 Mutuality and reciprocity§ 121 Reciprocal assistance§ 122 Foreign evidence§ 123 Extradition of persons§ 124 Taking of evidence in Malawi§ 125 Foreign country request for search and seizure warrant§ 126 Requests to Malawi for the enforcement of certain orders§ 127 Confiscation Fund§ 128 Composition of the Fund§ 129 Vesting of the Fund§ 130 Objects of the Fund§ 131 Application of the Fund§ 132 Books and other records of account, audit and reports of the Fund§ 133 Holdings of the Fund§ 134 Financial year of the Fund§ 135 Saving of existing agreements and arrangements§ 136 Vesting of assets of the former Financial Intelligence Unit§ 137 Registration of property transferred by the Financial Intelligence Unit§ 138 Legal proceedings§ 139 Transfer of employees§ 140 Repeal and savings§ 141 Terrorist list§ 142 Application of Part III to relevant competent authorities§ 143 Regulations§ 144 CHAPTER 7:07FINANCIAL CRIMES ARRANGEMENT OF SECTIONS SECTION PART IPRELIMINARY 1. Short title 2. Interpretation 2A. Application of Part VI and VII PART IITHE FINANCIAL INTELLIGENCE AUTHORITY 3. Establishment of Financial Intelligence Authority … Members-only content Continue reading this exclusive content by subscribing to one of our membership plans. Subscribe NowAlready a Member? Log In